AUDUSD’s down trend remains and the fall from 0.9849 extends further to as low as 0.7981 level. Deeper decline is still possible in a couple of weeks, and target would be at 0.7800 zone. Initial resistance is at the down trend line on daily chart. As long as the trend line resistance holds, we’d expect down trend to continue.
For long term analysis, AUDUSD is in long term bearish movement. Further fall towards 0.7800 to reach the next cycle bottom on weekly chart is now in favor.
